Citi has named Reto Faber as head of Direct Custody and Clearing (DCC) in EMEA. He replaces Satvinder Singh, who left the group to become global head of Deutsche Bank Trust & Securities Services (TSS) division in September, as first reported by Global Custodian
Faber brings over 20 years of experience in Banking and Securities Services. He joined Citi in 1989 as a relationship manager in the US and held various senior client facing and product roles including product manager for Worldwide Securities Services, and business development for the Global Clearing business. More recently, Faber was the head of the EMEA Broker Dealer segment and became EMEA head of Financial Intermediaries in 2009.
Reporting jointly to Andrew Gelb, EMEA head of Securities and Fund Services and Lee Waite, global head of DCC, Faber will be responsible for the management and development of Citis proprietary DCC network in 34 markets across EMEA. The latest addition to the network came in November, when Citi launched DCC services for its clients in South Africa. The business now offers DCC services in four countries in Africa, including Egypt, Morocco and Nigeria.
Andrew Gelb, EMEA head of Securities and Fund Services, said: The EMEA region is a critical one for Citis global direct custody and clearing franchise. In light of the regulatory changes that will affect Europe in the coming years, ensuring the right leadership for DCC EMEA is a top priority. I am confident that Retos excellent track-record and long standing experience will further strengthen our platform.
Lee Waite, global head of Direct Custody and Clearing said: With the industrys largest proprietary custody network currently at 60 markets, the ongoing growth of this business depends on key managers ensuring that Citi continues to provide its clients with the highest standards of technology and processes. Retos appointment will help us carry forward this strong momentum.
Fabers appointment coincides with others in the custody global organization. Jeff King and Karen Price were appointed global co-heads of product development for global custody, direct custody and integrated custody. King will handle International Product Development (ex-Americas) while Price will look after the Americas. King and Price will report to Chandresh Iyer, head of Global Custody, and Lee Waite.
(JDC)